The Bank of Canada trimmed its key policy rate by 25 basis points on March 12 to 2.75% and raised concerns about inflationary pressures and weaker growth stemming from trade uncertainty and the US’s tariffs. The bank also said it would "proceed carefully with any further changes" to rates given the need to assess both the upward pressures on inflation from higher costs and the downward pressures from weaker demand.

According to the Saskatchewan Finance in its 2025-2026 budget forecast, real GDP is predicted grow by 1.6% in 2024 and 1.8% in 2025.

With earnings comfortably ahead of inflation, January 2025 year-to-date retail trade is up by 11.5% over the same period in 2024. 

• The sub-sectors that posted increases were new car dealers (11.5%), used car dealers (1.5%), gasoline stations (20.7%), furniture and home furnishings stores (7.9%), building material and garden equipment and supplies dealers (21.4%), health and personal care stores (17.6%), clothing and clothing accessories stores (15.7%), sporting goods, hobby, book and music stores (5.7%), grocery stores (20.7%), beer, wine and liquor stores (9.9%), and general merchandise stores (5.4%).
•  During the same time period, electronics and appliance stores (-7.1%) and all other sectors (-35.9%) posted declines.

January 2025 year-to-date new motor vehicle unit sales were up 16.6% from January 2024. New minivans, sport-utility vehicles, light and heavy trucks, vans, and buses sales were up or down 16.1%, while new passenger car sales were also up or down 25.8%.

Estimated January 2025 year-to-date wholesale trade was up or down 1.6% over the same period in 2024.

• Food, beverage, and tobacco merchant wholesalers (8.7%) and personal and household goods merchant wholesalers (10.8%) posted increases.
• Meanwhile, farm product merchant wholesalers posted a decrease of -0.3%.

Year-to-date, January 2025 average weekly earnings are up 6.4% over January 2024.

• Sub-sectors that posted increases were goods producing industries (6.3%), mining, quarrying, and oil and gas extraction (14.3%), construction (3.3%), service producing industries (6.6%), trade (7.2%), transportation and warehousing (4.8%), information and cultural industries (7.2%), finance and insurance (11.5%), real estate and rental and leasing (5.3%), professional, scientific and technical services (3.7%), administrative and support, waste management and remediation services (10.5%), educational services (6.4%), health care and social assistance (5.4%), and other services except public administration (6.3%).
• Sub-sectors that posted decreases were manufacturing (-0.7%), management of companies and enterprises (-1.7%), arts, entertainment and recreation (-2.2%), and accommodation and food services (-0.8%).

January 2025 year-to-date restaurant receipts were up 6.6% over the same period in 2024. Within restaurant receipts, special food services increased by 5.6%, full-service restaurants by 3.8%, and limited-service eating places by 9.2%. Declines were noted in drinking places (alcoholic beverages) (-7.3%).

January 2025 year-to-date manufacturing sales are down by -15.9% over the same period in 2024.

• The sub-sectors that posted increases were chemical manufacturing sales (not available) and fabricated metal product manufacturing sales (18.5%).
• The sub-sectors that posted decreases were food manufacturing sales (-0.2%), machinery manufacturing sales (-32.6%), and all other manufacturing sales (-21.7%).

Estimated January 2025 year-to-date wholesale trade was up or down 1.6% over the same period in 2024.

• Food, beverage, and tobacco merchant wholesalers (8.7%) and personal and household goods merchant wholesalers (10.8%) posted increases. Meanwhile, farm product merchant wholesalers posted a decrease of -0.3%.

Total International merchandise exports were down -6.3% year-to-date February 2025 over February 2024.

• Sub-sectors that posted increases were energy products (12.2%), basic and industrial chemical, plastic and rubber products (30.7%), electronic and electrical equipment and parts (37.2%), motor vehicles and parts (18.3%), aircraft and other transportation equipment and parts (44.9%), and special transactions (2.0%).
• Sub-sectors that posted decreases were farm, fishing and intermediate food products (-6.3%), metal ores and non-metallic minerals (-29.6%), metal and non-metallic mineral products (-19.1%), forestry products and building and packaging materials (-0.1%), industrial machinery, equipment and parts (-32.2%), and consumer goods (-10.6%).

Benefiting from lower borrowing rates, March 2025, total year-to-date housing starts are up by 611 units or 95.5% over the same period in 2024. Year-to-date increases were observed in singles (120 units or 69.8%), semi-detached, (11 units or 25.0%), row (219 units or 233.0%), and apartment and other types (261 units or 79.1%).

The average year-to-date Housing Price Index Benchmark Composite Price is up from $327,700 in March 2024 to $346,967 in March 2025, or 5.9% amid strong sales and low inventories.

February 2025 year-to-date building permits, a leading indicator of construction activity, are up 13.7% over the same period in 2024. Sub-sectors that posted increases were residential (18.0%) and institutional and governmental (74.4%). Sub-sectors that posted declines were industrial (-21.1%) and commercial (-5.4%).

March 2025 year-to-date employment in Information, culture and recreation was up 1,567positions or 7.8% over same period in 2024.

Q1 2025 Provincial population was up 26,989 persons or 2.2% over 2024 Q4 to 1,250,609. an all-time high. 

Driving population growth was post-COVID resurgent international immigration as borders re-opened. Net inter-provincial migration has been negative every quarter since Q2 2013.